Finance Minister Paul Martin Chosen as Inaugural Chairperson of New
Group of Twenty

Washington, DC, 25 September, 1999

Finance ministers of the Group of Seven (G7) have chosen Finance Minister Paul Martin
to be the first Chairperson of the Group of Twenty (G20), a new international forum
consisting of finance ministers and central bank governors representing 18 countries, the
European Union and the Bretton Woods Institutions.

The G20 will be a forum for informal dialogue among a group of countries representing
both developed and emerging economies from every region of the globe. Its purpose is to
ensure broader participation in discussions on international financial affairs among
countries whose size or strategic importance gives them a particularly crucial role in the
global economy. Accordingly, the membership will include all G-7 countries plus several
key emerging markets.

"The G20s work will focus on translating the benefits of globalization into
higher incomes and better opportunities for people everywhere," said Minister Martin.
"Its creation responds to Canadas calls for a more inclusive and representative
forum to help accomplish these goals."

The Minister, whose term as Chairperson will last two years, also emphasized the
importance of a flexible and comprehensive mandate. "There is virtually no major
aspect of the global economy or international financial system that will be outside of the
groups purview," he added.

The G20 ministerial gatherings will occur annually with the first meeting scheduled
for Berlin, Germany, in December 1999. Canada will host the second meeting in 2000.

The Managing Director of the International Monetary Fund (IMF) and the President of the
World Bank will participate fully in substantive discussions, as will the Chairpersons of
the Interim Committee and Development Committee of the IMF and World Bank.

The creation of the G20 responds to the G7 Finance Ministers Report to Heads on
Strengthening the International Financial Architecture, which was endorsed by G7 leaders
at the Köln Summit in June 1999.